Toshiba shares crashed 12% after warning of a record loss

A man falls off the "gostra", a pole covered in grease, during the celebrations for the religious feast of St Julian, patron of the town of St Julian's, outside Valletta August 31, 2014. REUTERS/Darrin Zammit Lupi Shares in Toshiba, the Japanese conglomerate, crashed more than 12% after the firm said it expects to make a record 550 billion yen ($4.5 billion) loss.

The company said it would incur huge costs from a programme aimed at streamlining its different business units and slashing more than 10,000 jobs.

Toshiba is recovering from a $1.3 billion accounting scandal and struggling to regain investor confidence.

Shares have collapsed more than 20% in the past two days alone.

Here's how that looks on the chart:

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The CEO insisted the company was making painful, but necessary, decisions.